Forecast of Memorandum Accounts Balances for the Period Ending 30 June 2003
Memorandum accounts are notional accounts to record the accumulated balance of surpluses and deficits incurred for outputs operating on a full cost recovery basis. They are intended to provide a long-run perspective to the pricing of outputs.
| | Opening
Balance
01/07/2001 | Estimated
Actual
during
2001/2002 | Projected
Budget
Movement
during
2002/2003 | | Forecast
Closing
Balance
30/06/2003 |
|---|
| | $000 | $000 | $000 | | $000 |
| Memorandum Account | | | | | |
| Registration and Provision of Statutory Information8 | 22,876 | 812 | (1,077) | | 22,611 |
| Management & Enforcement of Radiocommunications Act9 | 6,658 | 1,720 | 1,280 | | 9,658 |
| Administration of Gas & Electricity Regulations - Operations of Electrical Workers Registration Board | 249 | 37 | - | | 286 |
Action Taken to Address Surpluses in the Memorandum Accounts
Registration and Provision of Statutory Information
The Companies Office has continued to experience a significant surplus each year due to continuing substantial increases in volumes for company incorporations, company charges, motor vehicle securities registrations, annual return filing and the very high uptake of electronic services.
As a result, a review of the current costs and fee structures of the Companies Office and motor vehicle securities registrations has recently been completed.
A fee setting strategy aimed at reducing the memorandum account to a nil balance within a ten year period has been implemented with a new schedule of Companies Office fees effective from 1 January 2002 and the new Personal Property Securities Register fees taking effect from 1 May 2002.
Annual reviews will be undertaken to ensure this strategy is successful.
Management and Enforcement of Radiocommunications Act
The current baseline surplus for 2002/2003 is expected to decline as a result of a revised fees formula which will take effect from 1 October 2002, subject to Cabinet approval.
The account is expected to reduce further in subsequent years through annual reviews of the fees formula.
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